Contents
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Overview of the State Administration of Foreign Exchange (SAFE) Overview of the State Administration of Foreign Exchange (SAFE)
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SAFE’s Purchase of Costa Rica’s Bonds SAFE’s Purchase of Costa Rica’s Bonds
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Beyond SAFE: Other Aspects of the Costa Rica Deal Beyond SAFE: Other Aspects of the Costa Rica Deal
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Evaluating the SAFE Case Evaluating the SAFE Case
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8 State Administration of Foreign Exchange: A SAFE Tool of Economic Statecraft
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Published:March 2016
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Abstract
This chapter examines an instrument of Chinese economic statecraft: the State Administration of Foreign Exchange (SAFE), the financial entity in charge of managing China's foreign exchange reserves. More specifically, it considers one episode to show how the state was able to use SAFE to pursue its strategic foreign policy objectives: Costa Rica's 2007 derecognition of Taiwan. The chapter first provides an overview of SAFE before discussing SAFE's purchase of Costa Rican bonds in 2008 and 2009. It shows that SAFE's bond purchase was part of a larger pattern of economic inducements collectively designed to strengthen Costa Rica's ties to the mainland while severing its connection to Taiwan. The SAFE–Costa Rica episode illustrates how China's sovereign wealth funds can be used to achieve a foreign policy goal.
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